The groundbreaking ceremony for the construction of 10,000 housing units in Enugu State, located in South Eastern Nigeria, was officiated by Ahmed Dangiwa, the Minister of Housing and Urban Development.
The flag-off was for Graceland Estate being developed by COPEN Group under the broad framework of the Renewed Hope Housing Programme.
Speaking during the groundbreaking, the Minister said such projects were in line with the focus of the President Bola Ahmed Tinubu administration towards the delivery of affordable housing to Nigerians, especially by creating the enabling environment for private sector players to thrive.
“This Estate, part of the 10,000-housing unit Coal City Eastern Extension Layout, aligns with His Excellency, President Bola Ahmed Tinubu’s goal to deliver quality and affordable housing to all Nigerians.
“As you may be aware, the housing challenge in our country is immense. Statistics show that to address this problem, we need to build approximately 550,000 housing units annually over the next ten years, which would require about N5.5 trillion per annum,” he said.
He highlighted the significant challenge posed by the deficit, stating that it should be viewed as an opportunity for innovation that can lead to sustainable housing solutions in Nigeria, benefiting not only the current population but also future generations.
“This huge housing deficit is the result of ineffective implementation of housing policies, suboptimal performance of housing delivery institutions, an undeveloped housing market, an untapped secondary mortgage market, and, of course, a tough macroeconomic environment,” he said.
To address these issues, he said a mix of solutions are being pursued to bridge the deficit including exploring funding options, such as private sector developers, housing finance institutions— both local and international— philanthropic bodies, well-meaning Nigerians, and corporate Nigeria on board to make the necessary impact, as well as partnerships with reputable private developers.
“Like all other systemic problems hindering our nation’s development, the administration of His Excellency, President Bola Ahmed Tinubu, GCFR, is boldly and frontally addressing the housing deficit to change the narrative for good.
“Already the results are visible. In just over one year, under the Renewed Hope Cities and Estates Programme, we have commenced construction work for a total of 6,612 housing units across 13 states and the FCT, with many of these units now at advanced stages of completion. We intend to complete most of them by December, so Nigerians can begin to own these homes.
“Additionally, work has started on 3,500 housing units across three new Renewed Hope Cities, including 2,000 units in Lagos (South West) and 1,500 units in Kano (North West). In the South East, we selected Enugu for the development of a 2,000-unit Renewed Hope City, which will be delivered as part of the MoU we signed with a consortium of developers for 100,000 housing units nationwide,” he added.
He commended the Governor for creating the enabling environment and making available 260 hectares in a viable location, he urged him to continue the good work he has started.
“I would like to express my profound appreciation to the Executive Governor of Enugu State for creating an enabling environment for private sector participation in housing development in the State,” he stated.
Also speaking, The Governor of Enugu State, Peter Mbah who was represented by the Deputy Governor, Ifeanyi Ossai, hailed the initiative by COPEN Group, describing its Managing Director, Dr Chime as an illustrious son of Enugu State.
He further commended the support of the Ministry of Housing and Urban Development for the project and for capturing Enugu State in the Renewed Hope Cities & Estates programme through the planned 2,000-unit Renewed Hope City.
Speaking further, the Governor charged stakeholders to do more to bring down the cost of housing construction.
“We must invest in research. We have to find a way to creatively reduce the cost of construction by reducing our reliance on cement… I am happy that you have been able to design an approach and bring together all the parties needed to make this project affordable and accessible to our people,” he said.
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